Bromsgrove-based machinery parts manufacturer Fastener Network has been taken over in a management buyout funded by the Royal Bank of Scotland.

The buyout - for an undisclosed sum - was led by former managing director Simon Atkinson, from the PRD Group, now the parent firm of Fastener.

PRD Fastener, as it is now known, makes more than 90,000 different kinds of standard and non-standard fasteners and allied products, from small screws and nuts and bolts to washers.

The management team led by Simon Atkinson, also includes John Ellis, group operations director and Mark Daker, sales director. The team has a combined total of 62 years' experience in the fastener market.

Mr Atkinson is the majority shareholder in the new group.

Now the management buyout is complete, the company says it will be looking to invest in enhanced sales and marketing strategies across its four sites in Bromsgrove, Christchurch, Stevenage and Redditch to increase its UK market share, while also looking for ways to break into international markets.

Mr Atkinson said: "The buyout is a new chapter in the history of the company. We have established ourselves within the markets we operate, but with the new found autonomy to implement our growth strategy, we are all excited by the opportunities this transaction presents to us.

"Our strategy is based on organic growth in the UK, while looking to exploit suitable business opportunities in international markets. The financial support provided by RBS has been invaluable in helping us take control of the business."

RBS provided a debt funding package to support the buyout as well as introducing RBS Invoice Finance to supply the company with an enhanced working capital facility to support ongoing operations.

Chris Hyde, relationship director in corporate banking at RBS in Birmingham, led the bank's team on the buyout.

He said: "Simon and his management team have a long standing track record of delivering success within the fastener market in the UK. We are delighted that our support has provided them with the opportunity to purchase the business and look towards a further period of growth for the business and its employ-ees in the coming years."